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The Special Situation Report #65: 5/7 Roundup

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The Special Situation Report #65: 5/7 Roundup

Summary of the Week in Special Situations

David Paolella
May 7, 2023
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The Special Situation Report #65: 5/7 Roundup

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Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. Announced M&A


Update on Developing M&A

Strategic Alternatives & Ongoing Situations

  • BlackBerry (BB) announced a review of its portfolio of businesses (Press Release)

  • Circor International (CIR) progressing with its review of strategic alternatives (Press Release, Seeking Alpha)

  • Green Plains Partners (GPP) received a proposal from Green Plains Inc. (GPRE) to acquire its outstanding common units (Press Release)

  • Holly Energy Partners (HEP) received a proposal from HF Sinclair (DINO) to acquire its outstanding common units (Press Release)

  • Newcrest Mining's (NCMGY) board is prepared to recommend a takeover offer from Newmont (NEM) (Bloomberg)

Rumors

  • Braskem (BAK) gained on reports of a potential buyout from Adnoc and Apollo (APO) (Bloomberg)

  • Freshpet (FRPT) reportedly has no plans to seek a sale (Seeking Alpha)

  • Thoughtworks (TWKS) reportedly draws buyout interest from Apax, Canada Pension (Bloomberg)

  • Urogen Pharma (URGN) reportedly hired an advisor after receiving takeover interest (Seeking Alpha)


Update on Shareholder Activism

  • Exelixis (EXEL) shareholder Farallon Capital urges shareholders to support its board nominees (Filing)

  • LivePerson (LPSN) shareholder Starboard Value delivers an open letter to shareholders (Letter)

  • Masimo (MASI) 9% shareholder Politan Capital Management nominated two candidates for the board (Press Release)

  • Natural Gas Services (NGS) announced a cooperation agreement with Mill Road Capital (Press Release)


Update on Other Special Situations

  • Magenta Therapeutics (MGTA) announced a reverse merger with Dianthus Therapeutics (Press Release)

  • Rithm Capital (RITM) may spin-off its mortgage business (Housingwire)

  • Spectrum Brands (SPB) gained after reaching a settlement with the Justice Department regarding the sale of its door hardware business to Assay Abloy (Reuters)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer /Retail

  • Ruth's Hospitality Group (RUTH) / Darden Restaurants (DRI) – $715mm (Press Release, Presentation)

Financials

  • Midwest Holding (MDWT) / Antarctica Capital – $100mm (Press Release)

Healthcare

  • Amedisys (AMED) / Option Care Health (OPCH) – $3.6bn (Press Release, Presentation)

  • IVERIC bio (ISEE) / Astellas (ALPMY) – $5.4bn (Press Release)

Industrials

  • Arconic (ARNC) / Apollo (APO) – $5.2bn (Press Release)


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The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.

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The Special Situation Report #65: 5/7 Roundup

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